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Dec 6, 2013
12/13
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remember, december is a cruel month for losers and the tax law selling that i think are turning could be brutal here from now until year end and then it clears up. mdr is for me. stay with cramer. >>> coming up -- digital dollars. your cash is moving to the cloud and a new crop of companies are helping to transfer money around the world. but as more dollars are distributed online. cramer's got the play. [ male announcer ] here's a question for you: where does the united states get most of its energy? is it africa? the middle east? canada? or the u.s.? the answer is... the u.s. ♪ most of america's energy comes from right here at home. take the energy quiz. energy lives here. >>> we're an interactive show here. on monday i got a call from cody in florida. wanted to know what is happening with the downward sled ride in xoom, the billion dollar company that's basically an online money transfer service. i said i wasn't sure. i've got to take a closer look. xoom came public back in february. shot up immediately 21.50 on the first day of trading, for a while, a pretty darn good year, ran u
remember, december is a cruel month for losers and the tax law selling that i think are turning could be brutal here from now until year end and then it clears up. mdr is for me. stay with cramer. >>> coming up -- digital dollars. your cash is moving to the cloud and a new crop of companies are helping to transfer money around the world. but as more dollars are distributed online. cramer's got the play. [ male announcer ] here's a question for you: where does the united states get most...
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Dec 9, 2013
12/13
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CNBC
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it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress goes home. it is a minimum achievement for people to cheer about. >> john, it is interesting when you talk about some of the little sticking points here. one is the benefits for the long-term unemployed. that is making up a record percentage of the people in this country who are unemployed. do you get the sense that congress is looking at the jobs report and saying, hey, maybe we shouldn't move the needle on that right now? >> i think that is difficult in part, because when you look at the size of this deal, we are only talking about $90 billion over two years of lifting the sequester caps and replacing them. it is more of a reshuffle. the unemployment extension would cost $25 billion. that is a very lar
it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress goes home. it is a minimum achievement for people to cheer about. >> john, it is interesting when you talk about some of the little sticking points here. one is the...
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Dec 3, 2013
12/13
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. >> reporter: taxes on sales are expected to generate tens of millions of revenue for the state. it's already creating jobs. >> is there anybody here with an appointment. >> reporter: the marijuana enforcement division jammed hope with people trying to get a license to work in the new industry. every aspect regulated. possession of an ounce or less legal in the state's borders. but the counties in red are banned or haven't yet decided if they allow pot sales. for many here, it is still baby steps. >> we are hoping we can provide a model for that for other states as they elect to move forward with their own marijuana policy. >> reporter: the colorado experiment taking root. the "denver post" has hired a recreational marijuana editor. and matt brown says non-coloradans are excited to experience the new rocky mountain high. >> we are expecting 2 to 3,000 people next year on our guided tours. >> reporter: even cannabis cooking classes. blaine alexander who teaches some classes today sees more. >> can you see a restaurant, blaine's? >> alexander's. >> all right, fine. >> i would love
. >> reporter: taxes on sales are expected to generate tens of millions of revenue for the state. it's already creating jobs. >> is there anybody here with an appointment. >> reporter: the marijuana enforcement division jammed hope with people trying to get a license to work in the new industry. every aspect regulated. possession of an ounce or less legal in the state's borders. but the counties in red are banned or haven't yet decided if they allow pot sales. for many here,...
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Dec 3, 2013
12/13
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it was probably the last cyber monday without sales tax for millions. states want tax revenue. online retailers want tax-free shopping. brick and mortar shops want online retailers to have the same taxes. uncollected sales tax, so the states want to find ways to get that tax revenue from web retailers. the sproem court decided not to get involved in appeals from amazon and overstock.com. the court let stand a ruling from a new york court requiring that internet retailers collect sale taxes even if they have no physical present in the state. this effectively ends, carol, ends tax-free shopping online for people and gets other states thinking about how they can bring in more taxes, too, carol. >> christine, thanks. >>> seattle seahawks fan base has done it again! loud, right? fans set another guinness world record against the saints. all that yelling and stomping actually registered as an earthquake in the one to two magnitude range according to a professor from the university of washington. that is insane! >>> something else insane. you know that old saying in sports if you ain'
it was probably the last cyber monday without sales tax for millions. states want tax revenue. online retailers want tax-free shopping. brick and mortar shops want online retailers to have the same taxes. uncollected sales tax, so the states want to find ways to get that tax revenue from web retailers. the sproem court decided not to get involved in appeals from amazon and overstock.com. the court let stand a ruling from a new york court requiring that internet retailers collect sale taxes even...
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Dec 3, 2013
12/13
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those taxes hold. now will the rest of the states start to decide, you know, we're emboldened, we're going to try to go after more of the taxes. >> the law has been store on this. it started with sport books, betting online. they went back to the 1960s communication acts to find wiretapping and stuff, ways to get their hand on it. this has been happening to are a while, as the internet is creating commerce, government wants a slice. >> right. it's a big slice. it is a really big slice. brick and mortar and online retailers are merging. look at something like amazon, they have 34 mufulfillment cents across the country. i think what it could mean for new york and it has been, some of the big online retailers are going to make sure they're not creating jobs in new york. they want to continue to argue we don't have a physical presence in new york. >> i live here, if i'm buying fishing equipment in tennessee and shipping it to someone else, it's all of these cross state laws. >> everyone says it's messy, ma
those taxes hold. now will the rest of the states start to decide, you know, we're emboldened, we're going to try to go after more of the taxes. >> the law has been store on this. it started with sport books, betting online. they went back to the 1960s communication acts to find wiretapping and stuff, ways to get their hand on it. this has been happening to are a while, as the internet is creating commerce, government wants a slice. >> right. it's a big slice. it is a really big...
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Dec 3, 2013
12/13
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it's going to be taxed. >> it sounds like we're talking politics. people are becoming more accepting of marijuana in this country. so goes colorado so goes the rest of the country. >> i didn't expect what i saw in colorado. >> what are we looking at? if this becomes a billion dollars industry, how are we going to buy our pot? >> they are calling this the dot com rush. this is where it's going to vaporized opiniopens where they the tobacco or the weed itself. we talked to one company that grew 1600% last year. >> if you want the old traditional bong, water pipe, excuse me. i don't know if you can say bong. >> it's available, in p new yin york you can't say the word. but colorado you can't swing a cat without hitting -- >> you can have it in ingestible form. >> things that like like dingdongs and twinkies. sodas are coming. you could have a sip of this and, you know, have a nice afternoon for, it is amazing how many different products. >> even oil, butters. >> creams for every sort of, a lot of these folks want to get very serious about it as well and
it's going to be taxed. >> it sounds like we're talking politics. people are becoming more accepting of marijuana in this country. so goes colorado so goes the rest of the country. >> i didn't expect what i saw in colorado. >> what are we looking at? if this becomes a billion dollars industry, how are we going to buy our pot? >> they are calling this the dot com rush. this is where it's going to vaporized opiniopens where they the tobacco or the weed itself. we talked to...
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Dec 2, 2013
12/13
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you can get tax-free money from the equity in your home. you can use the money to pay off your current mortgage if you have one. the remaining money can be used for anything. there's no monthly mortgage payments. and you still own your home! call today to get your free guide and dvd. it explains how a government-insured reverse mortgage works. there's no obligation. one reverse mortgage is a quicken loans company. their licensed experts can answer all your questions. call to find out what a great solution this can be. don't wait, call now! >>> some scary breaking news out of toledo, ohio, this morning. it's a high school at the old west end of toledo. we understand from the police and affiliate reports that there may be a 15-year-old with a gun inside scott high school. now, we don't know for sure if that's true. but we do know authorities have contained a student who is 15 years old to one classroom. and we do know that negotiators are now on the scene trying to talk that student out of that classroom. according to the toledo blade, parent
you can get tax-free money from the equity in your home. you can use the money to pay off your current mortgage if you have one. the remaining money can be used for anything. there's no monthly mortgage payments. and you still own your home! call today to get your free guide and dvd. it explains how a government-insured reverse mortgage works. there's no obligation. one reverse mortgage is a quicken loans company. their licensed experts can answer all your questions. call to find out what a...
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Dec 9, 2013
12/13
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mobster investigations where you can't get them for what you want to get them for but you get them for tax fraud. we have a group of russians who are working in the different diplomacy, the diplomacy in d.c. and consulate in new york, and it seems that you guys broke a good story, the initial investigation may have been for intelligence, for spying, and they found some other information that was able to release a much broader and distressing number of actions against them. >> if these were all russian diplomats or their spouses, for example, they would have diplomatic immunity as evan points out and the u.s. -- unless the russians agree to waive it, they are going back to russia, not to jail. >> exactly. we don't have a treaty with russia where they would send their people back to be on trial here so they would literally have to waive it and allow us to do it. it's very, very rare. >> based on your information, you are a former fbi agent, you know a lot about this, the cold w war is over so a lot of folks thing the spying between u.s. and russia should be over as well. there's still a sign
mobster investigations where you can't get them for what you want to get them for but you get them for tax fraud. we have a group of russians who are working in the different diplomacy, the diplomacy in d.c. and consulate in new york, and it seems that you guys broke a good story, the initial investigation may have been for intelligence, for spying, and they found some other information that was able to release a much broader and distressing number of actions against them. >> if these...
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Dec 2, 2013
12/13
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they have the general services tax, the value added tax. the price elasticity on a can of soda as very small. price elasticity is how much of a change in consumption you will see with the one percent change in price. it does not change much. a 10% price increase only increases consumption by 2%. that is not very good. that is what we talk about -- a penny an ounce. existing taxes on soda so far have not resulted in soda consumption. at 3%. this fits this. soda taxes, are they for programs or to reduce consumption? if they are for programs and not consumption, do you know what will happen? soda companies will say, it did not work. worse yet, some unscrupulous politician will take the money and use it for general funds or personal funds and that is what everybody is worried about because that is what we have seen already with tobacco. large taxes are necessary to reduce consumption. the rand corporation says we need a 36% tax to effectuate a 25% reduction in consumption. we need to double the price of a can of soda. do you think anybody is re
they have the general services tax, the value added tax. the price elasticity on a can of soda as very small. price elasticity is how much of a change in consumption you will see with the one percent change in price. it does not change much. a 10% price increase only increases consumption by 2%. that is not very good. that is what we talk about -- a penny an ounce. existing taxes on soda so far have not resulted in soda consumption. at 3%. this fits this. soda taxes, are they for programs or to...
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Dec 2, 2013
12/13
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it notes expiring tax provisions , that more than 60 tax provisions are set to expire at year's end. also on thatalso on that my to-s the medicare reimbursement for doc there's. --for doctors. this first session of the hundred 13th congress passing under -- enacting just under 60 pieces of legislation. carl is up from kansas city, missouri on our lines for democrats. good morning. i am a liberal democrat from kansas city, missouri and i want to say a couple of things real quick. the media has gotten 80% of -- 40% of americans think he is a communist from kenya. and obama is a moderate republican. he is lower taxes for the very rich when they were supposed to be temporary. but because of clinton's surplus they have extended that. he got caught in an economic bind and he helped out the bankers. what he is doing with the insurance company are trying to do is trying to use free enterprise to regulate and turn the insurance companies who, by andway, are scam artists, turned them into a regulated utility and set some rules for the game and all the subsidies are going to the insurance compa
it notes expiring tax provisions , that more than 60 tax provisions are set to expire at year's end. also on thatalso on that my to-s the medicare reimbursement for doc there's. --for doctors. this first session of the hundred 13th congress passing under -- enacting just under 60 pieces of legislation. carl is up from kansas city, missouri on our lines for democrats. good morning. i am a liberal democrat from kansas city, missouri and i want to say a couple of things real quick. the media has...
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Dec 4, 2013
12/13
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because they will trigger taxes, tax penalties on employers and individuals in those 34 states that have refused to establish an exchange and a number of those employers and individuals, including two state attorneys general, 15 indiana school districts and a dozen more private employers and private citizens have filed suit. four different lawsuits. in fact one of them will have oral arguments this afternoon in washington, d.c. there is judicial remedy for some of these abuses. >> chair now recognizes the gentleman from new york. mr. nadler. >> thank you, mr. chairman. professor rosenkranz has written in the "wall street journal" an oped piece abraham lincoln would not approve. that you comment on that, lincoln would disapprove? >> i read that article with some amusement, i have to say, professor rosenkranz. i think that president lincoln would chuckle at the notion that there is an equation between suspending the writ of habeyuss corps us with a temporary delay in the implementation of regulation that is part of a very complex new law, which is something that happens under all admi
because they will trigger taxes, tax penalties on employers and individuals in those 34 states that have refused to establish an exchange and a number of those employers and individuals, including two state attorneys general, 15 indiana school districts and a dozen more private employers and private citizens have filed suit. four different lawsuits. in fact one of them will have oral arguments this afternoon in washington, d.c. there is judicial remedy for some of these abuses. >> chair...
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Dec 2, 2013
12/13
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their idea was to cut taxes. if your car breaks down, cut taxes. if you're houses on fire, cut taxes. if your lawn needs mowing, cut taxes. that was the only idea that they presented to voters. americans thought that they had very old ideas. >> they only felt that way because it was true. >> how many years have you seen the same commercial where a guy stands up and says i am for less taxes, less regulation and more freedom? we've been doing that since 1980 and, yes, we are all for that. but if that is the only message and we don't connect that to working-class voters -- by the way, in 1994 when we took over, we owned as a party working- class voters making like 30,000 dollars to $60,000. we dominated that area. >> your point about ronald reagan speaks to that. reagan was a child of goldwater. that is what inspired me to get politics. anti-big government, anti-communism. bad ideas, right? e fit our conservative principals to his day. it, dded something to economic determinism, optimism. we can do and be anything we want. there's a shining city out t
their idea was to cut taxes. if your car breaks down, cut taxes. if you're houses on fire, cut taxes. if your lawn needs mowing, cut taxes. that was the only idea that they presented to voters. americans thought that they had very old ideas. >> they only felt that way because it was true. >> how many years have you seen the same commercial where a guy stands up and says i am for less taxes, less regulation and more freedom? we've been doing that since 1980 and, yes, we are all for...
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Dec 9, 2013
12/13
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the tax is a federal tax. it is important to account for it separately since we have a dedicated payroll tax for that purpose. balancing should be -- ideally it would be good if we could say social security was completely off budget. and technically speaking it is off budget. it is money that comes into the treasury and the benefits go out. it is not as if beneficiaries -- we talk about the payroll tax being insufficient to cover benefits, which it is right now. the program is running a deficit. able toecurity is receive sufficient funding by cashing in the bonds it has in that is anund, but expense to the treasury which has to come up with the money to cover those bond payments into social security. the bottom line is it is part of the federal budget. we have not privatized the system. the money is accounted for separately. the government is not going to default on the money it owes to social security or to the medicare part a trust fund. host: bob is on our line for and dependents. -- for independents. calle
the tax is a federal tax. it is important to account for it separately since we have a dedicated payroll tax for that purpose. balancing should be -- ideally it would be good if we could say social security was completely off budget. and technically speaking it is off budget. it is money that comes into the treasury and the benefits go out. it is not as if beneficiaries -- we talk about the payroll tax being insufficient to cover benefits, which it is right now. the program is running a...
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Dec 10, 2013
12/13
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to a flath regard tax, we must reform the tax code. we are letting wealthy people get off the hook by sending the money overseas. we saw a presidential candidate do that in the last election. that is not fair. somebody making several million dollars a year would be paying the same rate as somebody that is digging a ditch for $10 an hour. that is not fair. clearly we need to simplify the loopholeso end the that allow corporations -- some corporations pay no tax at all. that is wrong. individuals can avoid taxes with loopholes and schemes. all of that should end. part of the responsibility is to help pay for the nation in a fair and appropriate way. we have a huge public campaign finance reform. we have secret money in terms of hundreds of billions of dollars. it is clearly corrupting the process. the supreme court's decision made it difficult to pass any ind of legislation except t so that disclosure people know what to expect. the internal revenue service is looking at it regulation that is being abused and this is the 501c4 regulation
to a flath regard tax, we must reform the tax code. we are letting wealthy people get off the hook by sending the money overseas. we saw a presidential candidate do that in the last election. that is not fair. somebody making several million dollars a year would be paying the same rate as somebody that is digging a ditch for $10 an hour. that is not fair. clearly we need to simplify the loopholeso end the that allow corporations -- some corporations pay no tax at all. that is wrong. individuals...
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Dec 7, 2013
12/13
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do you file separate tax returns? >> yes. >> are you allowed, since you have a loss on your large tech business and your small software business versus your restaurant -- can you write that loss off against your restaurant? >> no, they are separate. >> what happened to business aggregation? , there is a significant administrative burden comes -- burden that comes with operating both entities. tothe policy would be able provide the health care. would be able to horseshoe the ability to provide health care. we just heard comment that there small businesses are not hiring as a result of the implementation of the president's affordable health jobsact, no affect on hired. is that your experience? >> no, it is not. >> would anyone else like to comment? >> no, it is not. i see it in small and large businesses. >> businesses are not hiring because of the affordable care act? >> i believe it is draining resources from the companies that would be otherwise going to grow the business. >> very interesting. we are dealing with the
do you file separate tax returns? >> yes. >> are you allowed, since you have a loss on your large tech business and your small software business versus your restaurant -- can you write that loss off against your restaurant? >> no, they are separate. >> what happened to business aggregation? , there is a significant administrative burden comes -- burden that comes with operating both entities. tothe policy would be able provide the health care. would be able to horseshoe...
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Dec 5, 2013
12/13
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near to date has been through a tax cap. a lot of other budget cuts. the things that teachers actually need to do, work together, use the standard as a guideline on a straitjacket, have curriculum, method not happen. in a couple places it did, in a lot of places it did not. the big mistake that both the federal government made and other people -- king would say to you, i was sick and tired of telling people what to do and then not doing it. that is not your job to tell people what to do. your job is to help navigate people through this again actual ship. consequently, last year, new york, there were elementary schools these tests. a lot of people were not prepared. the question is, how did they actually know the exact number? it creates teachers draft. you can actually figure out what the cut scores were and how to align it. between the lack of preparation for teachers, the lack of communication with parents, and the sense that you are using the data, using the kids' data, and you know exactly where the scores will come in. this year, what has happened
near to date has been through a tax cap. a lot of other budget cuts. the things that teachers actually need to do, work together, use the standard as a guideline on a straitjacket, have curriculum, method not happen. in a couple places it did, in a lot of places it did not. the big mistake that both the federal government made and other people -- king would say to you, i was sick and tired of telling people what to do and then not doing it. that is not your job to tell people what to do. your...
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Dec 8, 2013
12/13
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near to date has been through a tax cap. a lot of other budget cuts. the things that teachers actually need to do, work together, use the standard as a guideline on a straitjacket, have curriculum, method not happen. in a couple places it did, in a lot of places it did not. the big mistake that both the federal government made and other people, -- king would say to you, i was sick and tired of telling people what to do and then not doing it. that is not your job to tell people what to do. your job is to help navigate people through this again actual ship. consequently, lester new york, there were in elementary schools these tests. a lot of people were not prepared. john king in and meryl tisch said the test results would be 30% less net's year than this year. the question is, how did they actually know the exact number? it creates teachers draft. you can actually figure out what the cut scores were and how to align it. between the lack of preparation for teachers, the lack of communication with parents, and the sense that you are using the data, using
near to date has been through a tax cap. a lot of other budget cuts. the things that teachers actually need to do, work together, use the standard as a guideline on a straitjacket, have curriculum, method not happen. in a couple places it did, in a lot of places it did not. the big mistake that both the federal government made and other people, -- king would say to you, i was sick and tired of telling people what to do and then not doing it. that is not your job to tell people what to do. your...
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Dec 4, 2013
12/13
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people who are here -- this is a tax. he cannot change tax laws. i wish she would bring that truck driver agreement and when he signed it into law and throughat up immigration and stuff like that. give the american people a voice. the house judiciary committee held a hearing recovered -- we about the president and executive power, republicans siding that he change the health power andy executive that he has done the same on other issues. that,'re interested in you can go to our website c- span.org and you can see it there. we covered that hearing yesterday. that policyying differences don't constitute a constitutional crisis. that was their opinion of yesterday's hearing. in ohio.to ed republican. caller: good morning. of course people should be fired. from the head of the fish to the bottom. there is a pattern in this whole administration. it is nonstop. denial, denial, deny -- they are --yal to ridiculously that would be the last person he would fire. people keep forgetting all of these little things they slipped in. he is very bright. he came in
people who are here -- this is a tax. he cannot change tax laws. i wish she would bring that truck driver agreement and when he signed it into law and throughat up immigration and stuff like that. give the american people a voice. the house judiciary committee held a hearing recovered -- we about the president and executive power, republicans siding that he change the health power andy executive that he has done the same on other issues. that,'re interested in you can go to our website c-...
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Dec 6, 2013
12/13
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and then taxed again and just pray that my tenacity would get me there. the anxiety level, i can't even explain to you the insomnia, the tears, the mood swings, the ups, the downs. it ranks with me as one of the five most tragic things to have ever happened in my life. what it does to you emotionally and psychologically, you feel like hester prenn with the letter "a" when you're jobless very long. you soon become a member of the lost world. people look at you when you don't have a job yet like there's something wrong with you. that's where i would have been. >> thank you. >> i have no questions, but i would like to let you all know that for a period of about three months, i was unemployed -- this was back many years ago. it was really during, between school -- it was summer break. i'm used to working and i could not find a job that summer, the whole summer. i can't tell you how -- i can tell you but i'm sure your feelings about being unemployed and searching for work and being unable to find anything, the effect that has on you mentally is just very -- yo
and then taxed again and just pray that my tenacity would get me there. the anxiety level, i can't even explain to you the insomnia, the tears, the mood swings, the ups, the downs. it ranks with me as one of the five most tragic things to have ever happened in my life. what it does to you emotionally and psychologically, you feel like hester prenn with the letter "a" when you're jobless very long. you soon become a member of the lost world. people look at you when you don't have a job...
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Dec 5, 2013
12/13
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and then my plan was to have to and havemy retirement 30% of that tax, and then taxed again. and just pray that my tenacity would get me there. ,he a and -- the anxiety level i cannot even explain to you the insomnia, the tears, the mood swings, the ups, the downs. it ranks with me as one of the five most tragic things to have ever happened in my life. does to you emotionally and psychologically, you feel like hester prynne with you areer a when jobless for very long. you soon become a member of the lost world. people look at you when you do not have a job yet like there is something wrong with you. that is where i have been. >> thank you. [indiscernible] you, madam chair. i have no questions, but i would like to let you all know that it is for a timeframe about three months i was unemployed. this was back many years ago. school -- it was summer break. i mean, i'm used to working. but i could not find a job that summer. the whole summer. i'm sure that your feelings about being unemployed and searching for work and being unable to find anything, you know, the effect that has o
and then my plan was to have to and havemy retirement 30% of that tax, and then taxed again. and just pray that my tenacity would get me there. ,he a and -- the anxiety level i cannot even explain to you the insomnia, the tears, the mood swings, the ups, the downs. it ranks with me as one of the five most tragic things to have ever happened in my life. does to you emotionally and psychologically, you feel like hester prynne with you areer a when jobless for very long. you soon become a member...
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Dec 9, 2013
12/13
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are not willing to cut medicaid, and republicans are not willing to do tax hikes. paul ryan and patty murray basically decided that they were not going to go after the sacred cow of the other party. they were just going to it something that was possible, and they decided by looking at all these failed attempts in the past, we will not go there. we will do something that is much smaller, but doable. host: we are talking with ian swanson. there will still be a big budget debate in early 2014. what does that look like? will: one thing this deal not do is it will not raise the debt ceiling. at some point exterior they will have to do that. it is a legal -- little difficult to forecast when it will be, in part because the economy is starting to behave more strongly and as a result that extends the time in which the treasury department can do things. they call them extraordinary measures, to prevent hungers from having to raise the debt ceiling. at some point in time congress will have to do that. the earliest is february, but much more likely that it is sometime close t
are not willing to cut medicaid, and republicans are not willing to do tax hikes. paul ryan and patty murray basically decided that they were not going to go after the sacred cow of the other party. they were just going to it something that was possible, and they decided by looking at all these failed attempts in the past, we will not go there. we will do something that is much smaller, but doable. host: we are talking with ian swanson. there will still be a big budget debate in early 2014....
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Dec 7, 2013
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test used for qualified planned rules are overly complex and understood only by a limited number of tax professionals. a small business can not apply to them without professional help. it is a small set of professionals that deal with these rules and these rules are only going to apply to businesses for a few years.
test used for qualified planned rules are overly complex and understood only by a limited number of tax professionals. a small business can not apply to them without professional help. it is a small set of professionals that deal with these rules and these rules are only going to apply to businesses for a few years.
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dodd-frank prohibits the use of tax dollars. useequires that we will and the tools that the law provides. the largest financial companies have already submitted living wills or blueprints for how to unwind firms if they fail. regulators will require firms to rework these plans if they are not credible. if firms are not able to provide a credible plan, regulators can impose remedies, including requiring firms to divest or realign their businesses. -- realtors have ade clear -- and they are continuing to develop strategies and guidance for resolving major institutions with minimum disruption to the financial system. there is still more work to do, particularly to make sure that international rules mess with our own sins, as we know too well, financial crises do not respect national borders. while we will not know how well these tools work for certain until they are tested by a true crisis, several things are clear. dodd-frank ended too big to fail as a matter of law. tough rules are now in place to make sure that banks have the ca
dodd-frank prohibits the use of tax dollars. useequires that we will and the tools that the law provides. the largest financial companies have already submitted living wills or blueprints for how to unwind firms if they fail. regulators will require firms to rework these plans if they are not credible. if firms are not able to provide a credible plan, regulators can impose remedies, including requiring firms to divest or realign their businesses. -- realtors have ade clear -- and they are...
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Dec 8, 2013
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i think what is really going on is we are very dependent on property taxes. beyond the cost sharing dollars, everything else is robert e -- is tied to local property taxes. those are not growing anymore. they are forced to find ways to save money and to work together. i think the folks that will lead are looking at how do you support education? it is going to drive education. >> as far as funding in education, doesn't look like it is going to be flat, down, up? >> it's a little early to tell. this has been the slowest recovery from a recession in the post-world war ii era. the folks in washington seem to put the brakes on the economy every six months or so, so they are not helpful with respect to real growth in the economy. i think americans will put more money in education when it is doing better. or when they confront the fact that the funding education is actually hurting. i think they are going to have bigger pressures. then of course you have legal requirements within an constitutional requirements within states. we guarantee and education for -- we guar
i think what is really going on is we are very dependent on property taxes. beyond the cost sharing dollars, everything else is robert e -- is tied to local property taxes. those are not growing anymore. they are forced to find ways to save money and to work together. i think the folks that will lead are looking at how do you support education? it is going to drive education. >> as far as funding in education, doesn't look like it is going to be flat, down, up? >> it's a little...
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and then taxed again and just pray that my tenacity would get me there. the anxiety level, i can't even explain to you the insomnia, the tears, the mood swings, the ups, the downs. it ranks with me as one of the five most tragic things to have ever happened in my life. what it does to you emotionally and psychologically, you feel like hester prenn with the letter "a" when you're jobless very long. you soon become a member of the lost world. people look at you when you don't have a job yet like there's something wrong with you. that's where i would have been. >> thank you. >> i have no questions, but i would like to let you all know that for a period of about three months, i was unemployed -- this was back many years ago. it was really during, between school -- it was summer break. i'm used to working and i could not find a job that summer, the whole summer. i can't tell you how -- i can tell you but i'm sure your feelings about being unemployed and searching for work and being unable to find anything, the effect that has on you mentally is just very -- yo
and then taxed again and just pray that my tenacity would get me there. the anxiety level, i can't even explain to you the insomnia, the tears, the mood swings, the ups, the downs. it ranks with me as one of the five most tragic things to have ever happened in my life. what it does to you emotionally and psychologically, you feel like hester prenn with the letter "a" when you're jobless very long. you soon become a member of the lost world. people look at you when you don't have a job...
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the payroll tax taxes going in and spending going out as a whole is $300 billion. that's a gaping cash flow deficit. we get 10,000 new beneficiaries every day. in the absence of reforms for people to get the care they need and deserve and do it at a slower cost growth this program will fall under its own financial weight. >> numbers really matter and for the secretary to affirm $500 billion, that is really not chump change in the big picture of healthcare cost. i'm getting comments from constituents in my district who medicare advantage folks benefits are being reduced, they are losing access to their preferred physicians under the current system right now. again, back to doug, my question is how much worse can this get for my seniors who on the for medicare advantage? >> again, if the strategy for controlling cost is this traditional one of just cutting provider reimbursements, it will backfire. we have seen again and again that reproach without reforms and without an approach that gives you the prevention and coordination and better care, congress has to put the
the payroll tax taxes going in and spending going out as a whole is $300 billion. that's a gaping cash flow deficit. we get 10,000 new beneficiaries every day. in the absence of reforms for people to get the care they need and deserve and do it at a slower cost growth this program will fall under its own financial weight. >> numbers really matter and for the secretary to affirm $500 billion, that is really not chump change in the big picture of healthcare cost. i'm getting comments from...
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number three, there's no new taxes. i would have hoped to have a little bit of entitlement reform but that apparently is too much to tackle. >> what do you think about the idea that democrats and republicans worked together on this? >> hallelujah. >> margaret is our next caller from seattle, washington, an independent. hi, what's your comment? >> i just wanted to congratulate ryan and murray for working together for something many of my democratic and republican friends all have as a major complaint. it's not discerning about the details. that's a really big disparity. a lot of us feel disenfranchised by the democrats because it's so sad to see the minority has ruled them instead of the majority of us who put them in place. so this is a really good thing for us. we're waiting for a few years. we kind of jumped off the democrat, went to independent, but there won't be an independent in the running it. will either be democrat or republican. so we're going to wait the next few years to see if they finish what they started,
number three, there's no new taxes. i would have hoped to have a little bit of entitlement reform but that apparently is too much to tackle. >> what do you think about the idea that democrats and republicans worked together on this? >> hallelujah. >> margaret is our next caller from seattle, washington, an independent. hi, what's your comment? >> i just wanted to congratulate ryan and murray for working together for something many of my democratic and republican friends...
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the third, the implications of 1 tax that will affect many ma plans and further act as pressure on the ability to provide benefits. the fourth, the recent provideent that cms changes for medicare advantage plans. the result of the changes are inevitable. the first will be fewer plans. from 60 to 140 fewer plans and 2014. there are reports of 10,000 cancellation notices in ohio. 50,000 in new jersey. these all represent further the pledge that if you like your health insurance, you can keep it under the affordable care act. by 2019 when the cuts are fully implemented. and these reductions are disproportionately borne by low-income americans. estimates are 75% of the impact hit to those making less than $34,200. the next step for the plans that do survive is to pass along these reductions in the form of either higher cost sharing or benefits or more limited networks that provide benefits with fewer choices. these are not the voluntary decisions of insurers. they are the consequence of the law that limits their ability to provide options to beneficiari beneficiaries. going forward, i woul
the third, the implications of 1 tax that will affect many ma plans and further act as pressure on the ability to provide benefits. the fourth, the recent provideent that cms changes for medicare advantage plans. the result of the changes are inevitable. the first will be fewer plans. from 60 to 140 fewer plans and 2014. there are reports of 10,000 cancellation notices in ohio. 50,000 in new jersey. these all represent further the pledge that if you like your health insurance, you can keep it...
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Dec 3, 2013
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tax money to buy american-made. think back on jefferson who told his treasury secretary, give me a plan for the next century. the 18 hub's -- the 1800's. an economic development plan. and teddy roosevelt and then franklin roosevelt. eisenhower. men of vision, leaders of vision that were willing to step forward, willing to use the resources of this nation, collecting those resources and dispensing those resources across the nation, to build the foundation for economic growth. the make it in america agenda is available to us today. that agenda is a trade policy that protects american industry. not a free trade that gives it away, but a fair trade policy that protects american industry , a tax policy that encourages economic growth here in the united states. that rewards corporations for bringing it home and ends tax breaks for corporations that ship the jobs offshore. an energy policy that utilizes the great energy capacity of this nation, everything from conservation and wind and solar and indeed the petroleum produc
tax money to buy american-made. think back on jefferson who told his treasury secretary, give me a plan for the next century. the 18 hub's -- the 1800's. an economic development plan. and teddy roosevelt and then franklin roosevelt. eisenhower. men of vision, leaders of vision that were willing to step forward, willing to use the resources of this nation, collecting those resources and dispensing those resources across the nation, to build the foundation for economic growth. the make it in...
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they come to the united states to become productive tax paying members of our society. and like the other immigrant groups, immigrants are dealing with the back logged immigration processing, families being ripped apart, falling out of status because they were eeked out. racial and status discrimination, felony laws that prohibit judicial review, deportation processes that violate human rights and prohibitive student visa programs limited access to work permits and much, much more. mr. speaker, it is imperative for us to acknowledge the fact that many immigrants arrive on our shores during a time in their lives when they are most productive. the most productive years in their lives. bringing them to the floor would deny us as a nation the opportunity to access their talent, their skill and abilities in the prime of their lives. additionally, it was important for us to note that african-americans, those descendants of the transatlantic slave trade that i call long time stakeholders of this nation have been affected by our broken immigration system as well. working class
they come to the united states to become productive tax paying members of our society. and like the other immigrant groups, immigrants are dealing with the back logged immigration processing, families being ripped apart, falling out of status because they were eeked out. racial and status discrimination, felony laws that prohibit judicial review, deportation processes that violate human rights and prohibitive student visa programs limited access to work permits and much, much more. mr. speaker,...
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we take a look at tax rates. it is congress that appears to allow a certain batch of temporary tax breaks to last at the end of 2013. ray from oklahoma city oklahoma, you are up next. are you there? good morning, you are on. i was calling about -- our man is going to make mistakes. the problem with the world, it does not have anything to do with obama. we have taken god out of everything he is doing. the next thing, minimum wage. i talked to a lot of people atut minimum wage at 7:25 -- $7.25 an hour. people say if you raise minimum wage, the influence will go up. everything else is already going up except minimum wage. years taken almost four to get it to seven dollars $.25. i am 61 years old, i am retired, and i have four kids. i have kids working for memo wage. they got student loans to pay back. journal"ll street talking about unemployment benefits in several stories, set to expire on september 28. several democrats are pushing for a vote to extend the benefits. house democrats propose renewing the program for
we take a look at tax rates. it is congress that appears to allow a certain batch of temporary tax breaks to last at the end of 2013. ray from oklahoma city oklahoma, you are up next. are you there? good morning, you are on. i was calling about -- our man is going to make mistakes. the problem with the world, it does not have anything to do with obama. we have taken god out of everything he is doing. the next thing, minimum wage. i talked to a lot of people atut minimum wage at 7:25 -- $7.25 an...
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immigrants contribute to our economy through taxes, state and local taxes paid in 2010 alone by households headed by undocumented immigrants was over $11 billion. and this is according to the institute for taxation and economic policy. undocumented immigrants contributed as much as $ billion in payroll taxes to the social security program in 2010. but only took $1 billion in benefits. creating a net positive effect on our social security system. to benefit americans. and this is according to the social security administration. despite their contributions, immigrants face exploitation and significant barriers to advancement. and again, that's not the america we should feel proud of. we have an opportunity to pass comprehensive immigration reform in this great country on this floor. all we need is the opportunity to put a bill up for a vote. and i believe that the majority of members of this house will do the righteous thing, the right thing, and welcome those immigrants and integrate them into our system and we will see the economy of the united states of america flourish once again like we
immigrants contribute to our economy through taxes, state and local taxes paid in 2010 alone by households headed by undocumented immigrants was over $11 billion. and this is according to the institute for taxation and economic policy. undocumented immigrants contributed as much as $ billion in payroll taxes to the social security program in 2010. but only took $1 billion in benefits. creating a net positive effect on our social security system. to benefit americans. and this is according to...
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billion by reducing the tax gap through better enforcement of the i.r.s. code. those are specifics. they may be unpopular but at least they're specific. in stark contrast to go find $5.7 trillion unspecified that the republican budget included. the revenue enhancements provided in the c.b.c. budget would allow congress to totally cancel the sequester and pass a jobs package of at least $500 billion, at 50,000 each that's over 10 million jobs that could be created in one year with a jobs bill of that magnitude, almost enough to hire everybody drawing unemployment today. provide an additional $300 billion in long-term investments in our economy and education, job training, health care and advanced science and research. as i said earlier the reforms contained in the c.b.c. budget would reduce the deficit $2. trillion over the next decade compared to c.b.o.'s baseline that would put our nation on a strong, sustainable path. all without jeopardizing programs that support our seniors and programs that educate the next generation of leaders in business, science a
billion by reducing the tax gap through better enforcement of the i.r.s. code. those are specifics. they may be unpopular but at least they're specific. in stark contrast to go find $5.7 trillion unspecified that the republican budget included. the revenue enhancements provided in the c.b.c. budget would allow congress to totally cancel the sequester and pass a jobs package of at least $500 billion, at 50,000 each that's over 10 million jobs that could be created in one year with a jobs bill of...
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you folks are not as exposed as we are, when you go to areas where they have taken away taxes from our school system, and impact aid is this area. that will stop on december 31. the things that will not stop right then that will be of major concern , i will mention two, and then respond to questions, any major projects curtly under construction will have to stop work. i use an example on the floor. it contains -- the bill contains 136 million for construction of the replacement of the command stratcom in the breast. if this is not authorized, then the work will have to stop. it would have to stop halfway through. 78.take the cbn we have already spent $12 billion on this. if we do not pass this bill, it will have to stop, and you are talking about 4300 shipbuilders out of work. the point is we would be wasting not millions, billions of dollars if we do not do this. he have a good bill here that contains a lot of reservations -- provisions. both speakers have articulated these provisions, and this is the only way to do the bill, to do it this way. i'm talking about -- i commend about the
you folks are not as exposed as we are, when you go to areas where they have taken away taxes from our school system, and impact aid is this area. that will stop on december 31. the things that will not stop right then that will be of major concern , i will mention two, and then respond to questions, any major projects curtly under construction will have to stop work. i use an example on the floor. it contains -- the bill contains 136 million for construction of the replacement of the command...
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Dec 2, 2013
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but really, we pay for that and terms of higher costs for health care services and higher tax dollars should we pay for those uninsured people when they need health care services, which everybody does at some point in time to the idea behind this economically is that we are going to get everybody in this pool, everybody by in, and that will redistribute all the costs across much bigger pool of people and that is going to help people find savings. they will go to the doctor earlier. they will end up in the emergency room because they will get preventive care. they will see a doctor to treat her condition and treated when it is cheaper. that is the idea that the when theytion had said it would lower costs but it will be over time in over a very long period of time. host: i want to turn to the subject that is given the white house a lot of grief. "if you like your health care plan, you will be able to keep your health care plan," and the cancellation of plans in recent months. i went to get the latest on the president's efforts to reinstate the health care plans that were canceled. where
but really, we pay for that and terms of higher costs for health care services and higher tax dollars should we pay for those uninsured people when they need health care services, which everybody does at some point in time to the idea behind this economically is that we are going to get everybody in this pool, everybody by in, and that will redistribute all the costs across much bigger pool of people and that is going to help people find savings. they will go to the doctor earlier. they will...
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we still have to pay federal income tax on that. they say these people will stay on unemployment and not look for work. unemployment does not pay that much. it is not like you are collecting $1000 a week. it is only like $371 a week with sequestration. it is a good thing my wife works full time. for long-term unemployment, it is not much. unemployment does not last long. i would like your guest to comment on that. guest: there is no doubt unemployment does not replace the income of the job. i think it does speak to the fact that american families are having to readjust their lifestyle and get by with less. when they do take a job, taking $20 an hourom a job. hopefully unemployment gives them time to find the best job for their families. ideologically on the other side, some people say there would be a sense of urgency when benefits run out. host: let me go through the breakdown of the numbers based on gender and race. the overall unemployment rate for white males is 6.7%. teenagers, nearly 21%. whites overall at 6.2%. atican-america
we still have to pay federal income tax on that. they say these people will stay on unemployment and not look for work. unemployment does not pay that much. it is not like you are collecting $1000 a week. it is only like $371 a week with sequestration. it is a good thing my wife works full time. for long-term unemployment, it is not much. unemployment does not last long. i would like your guest to comment on that. guest: there is no doubt unemployment does not replace the income of the job. i...
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trade adjustment assistance and tax extenders have been referenced. hopefully we could do all of those. of course, we have a very short period of time left to do that. let me ask the majority leader, given that short time, does the majority leader have a high degree of confidence that in fact he will be seeking to follow the calendar that's been set out by the majority leader to end this first session of this congress indeed on the scheduled date of december 13, and i yield to my friend? mr. cantor: i thank the gentleman for the recitation of his desired wish list for what he'd like to see on the floor. i'd like to remind the gentleman, mr. speaker, this house has passed well over 140 if not 150 bills very much focused on job creation, very much focused on trying to make sure that we address the needs of those who are most vulnerable right now, trying to make sure that we can sustain the safety net while equipping those that are without the tools necessary to get up on that ladder of success. unfortunately, mr. speaker, the senate has just refused to
trade adjustment assistance and tax extenders have been referenced. hopefully we could do all of those. of course, we have a very short period of time left to do that. let me ask the majority leader, given that short time, does the majority leader have a high degree of confidence that in fact he will be seeking to follow the calendar that's been set out by the majority leader to end this first session of this congress indeed on the scheduled date of december 13, and i yield to my friend? mr....
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do you file separate tax returns? >> yes, they all file separate tax returns. >> are you allowed if you have the loss on your tradelogic business your small software business versus your restaurant can you write that loss off against your restauranrestauran t? >> they are all separate. >> what happened to business aggregation? >> there is a significant administrative burden. >> effectively what we are seeing is a policy to be able to force you to be able to provide that health care. has that impacted your ability to create jobs? >> yes. >> we just heard comment that there is no data and i will quote that again. there is no data that small businesses are not hiring is a result of the implementation of the presence affordable care at, no effect on job hiring. is that your experience? >> no, it is not. >> anyone else to -- was to comment? >> no, it's not. >> businesses aren't hiring because of the affordable care act? >> i believe it's draining resources from the companies that would otherwise grow the businesses. >> ver
do you file separate tax returns? >> yes, they all file separate tax returns. >> are you allowed if you have the loss on your tradelogic business your small software business versus your restaurant can you write that loss off against your restauranrestauran t? >> they are all separate. >> what happened to business aggregation? >> there is a significant administrative burden. >> effectively what we are seeing is a policy to be able to force you to be able to...
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Dec 8, 2013
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this is the refund for your taxes. when i say crux, they send 585 checks to one address in singapore. they said over 850 checks to one address in lithuania. now, at one level you have to ask yourself, how you ended up with a government so mindless and so incompetent that it could do this. $4 billion is an big money, but if you had to choose between giving it away to crooks or spending it at the national institutes of health on research, i would argue it would probably be dramatically better to spend on research. i know this is a bold outside the box, unfair, you know -- what drives me crazy about congress is businesses effort to think this stuff through. and i'm writing a paper right now where i'm going to call foresight hearings. is the difference. oversight hearings are when a group of can't think it together and they pontificate for the opening our this is really bad i can't believe how bad this is, and i'm really embarrassed that this is a better than the bureaucrats come in and they all say, well, this is not quit
this is the refund for your taxes. when i say crux, they send 585 checks to one address in singapore. they said over 850 checks to one address in lithuania. now, at one level you have to ask yourself, how you ended up with a government so mindless and so incompetent that it could do this. $4 billion is an big money, but if you had to choose between giving it away to crooks or spending it at the national institutes of health on research, i would argue it would probably be dramatically better to...
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because those tax credits will trigger tax penalties on employers and individuals in those 34 states that have established the exchange and a number of those employers and individuals including the two states attorneys general in the 15 indiana school districts and a dozen or more private employers and private citizens have filed suit. one of them will have disasters that here in washington dc said there is a remedy for some of these abuses. >> thank you director. i yield back. >> thank you mr. chairman. mr. lazarus, professor rosenkranz has written in "the wall street journal" op-ed pieces abraham lincoln wouldn't approve of the delay and the employer mandate and can extend the habeas corpus. can you comment on the claim that they would disapprove and what about the conscientious decision of habeas corpus by lincoln? >> i read it up with some amusement. i think president lincoln would chuckle between suspending the writ of habeas corpus and the most fundamental guarantee freedom in the whole system is a temporary delay in the implementation of regulation as a part of a very complex
because those tax credits will trigger tax penalties on employers and individuals in those 34 states that have established the exchange and a number of those employers and individuals including the two states attorneys general in the 15 indiana school districts and a dozen or more private employers and private citizens have filed suit. one of them will have disasters that here in washington dc said there is a remedy for some of these abuses. >> thank you director. i yield back. >>...
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>> in a pure market there would be no tax subsidies, but many of the resources in the market have tax subsidies of one sort or another that are not taken into account in the marketplace. >> commissioner, you are up. >> to echo the comments i agree any tax implication is going to affect and open marketplace. having said that, i am concerned that some of the nuclear facilities that have been closing were looking at retiring because of the pricing is a concern for me because the long-term stability of those with baseload fuel and plans in the system is important. >> we need those. commissioner clark. >> i would agree for the reasons that you have identified created is a decision for congress to make. but clearly it does have a market distorting impact especially in very wind rich parts of the country and certain times of the day. >> one final question. following on my colleagues from mr. green blank question about the grid of liability passed in congress. is everyone still agree that it's bad policy to trap companies between two different regulators with different goals during the power
>> in a pure market there would be no tax subsidies, but many of the resources in the market have tax subsidies of one sort or another that are not taken into account in the marketplace. >> commissioner, you are up. >> to echo the comments i agree any tax implication is going to affect and open marketplace. having said that, i am concerned that some of the nuclear facilities that have been closing were looking at retiring because of the pricing is a concern for me because the...
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system and leveraging this idea of refundable tax credit would be a new entrepreneur tax credit. we put this idea out, it's the idea that there would be some refundable credit even for limited by age of your business or limiting the amount. nebraska has a model of this policy that we can build on. that would have the opportunity to incentivize a lot of folks to do so employment to get over the. i think the other thing is referencing the current tax incentives, refundable tax credits that you help a lot of small business owners. the eitc even though its focus on low-wage workers comp the fact is your self-employment income comes for the. answer but i think in 2007, 6 million individuals who filed a schedule c. actual reported some self-appointed earnings. and a pretty large portion, most of income from self-employment. there's a whole number of programs that come out of the iris that supports volunteer income tax assistance, that support helping individuals to navigate the tax system. right now there's a pie that were a small number of those sites are able to help low income entre
system and leveraging this idea of refundable tax credit would be a new entrepreneur tax credit. we put this idea out, it's the idea that there would be some refundable credit even for limited by age of your business or limiting the amount. nebraska has a model of this policy that we can build on. that would have the opportunity to incentivize a lot of folks to do so employment to get over the. i think the other thing is referencing the current tax incentives, refundable tax credits that you...
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it has sent that to crooks, refunds for your taxes. when i say the crooks, 585 checks were sent to one address in singapore. [laughter] they sent over 850 checks to one address in lithuania and on one level we have to ask ourselves how we ended up with a government that is so mindless and incompetent that it could do this. if you had to choose this or spending it at the national institute of health and research, i would argue that it would probably be dramatically better. i know that this is a bold and outside of the box, unfair thing. what drives me crazy is that to the best of my knowledge there is no serious effort to think any of us through. i am writing a paper and here is the difference. the oversight hearings by when a group of congressmen get congressmen get together and they pontificate for the opening hour that this is is really bad, i can't believe how bad does. and i'm really embarrassed that this is so bad. and the bureaucrats come in and they all say, well, this is really not quite so bad, but it is pretty bad. and we fee
it has sent that to crooks, refunds for your taxes. when i say the crooks, 585 checks were sent to one address in singapore. [laughter] they sent over 850 checks to one address in lithuania and on one level we have to ask ourselves how we ended up with a government that is so mindless and incompetent that it could do this. if you had to choose this or spending it at the national institute of health and research, i would argue that it would probably be dramatically better. i know that this is a...
84
84
Dec 8, 2013
12/13
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say you had a 4-5 percent national sales tax on all goods and services and you use this money totally to pay for medicaid. now medicare is taken care of it. so you would cap all of the people not on medicaid and medicare. you would cap the rates that insurance companies could ask of them and lower the price for all of the people that are inbetweens. i wondered what you thought of that idea. >> kathy, why do you think that is a good idea? >> because i think it it would be a fair way, and it would bring the rates down, and it would be people could make the choice if they didn't want to pay a national sales tax and if they didn't want to they would not by the skis or the new dress or whatever. and it would just -- i think it would lower the rate of people between medicare/medicaid. >> thank you very much. let's see what congresswoman thinks about that idea. >> thank you. well, kathy, i really feel like the affordable care act was important because it focused beyond just medicare/medicaid. medicaid was expanded in the states where you have governors and legislative members that accepted t
say you had a 4-5 percent national sales tax on all goods and services and you use this money totally to pay for medicaid. now medicare is taken care of it. so you would cap all of the people not on medicaid and medicare. you would cap the rates that insurance companies could ask of them and lower the price for all of the people that are inbetweens. i wondered what you thought of that idea. >> kathy, why do you think that is a good idea? >> because i think it it would be a fair way,...
77
77
Dec 10, 2013
12/13
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with regard to a flat tax, we really must reform the tax code. we're letting a lot of extraordinarily wealthy people get off the hook by, you know, sending their money overseas. i think we saw i a presidential candidate that did that the last election. that's not right. that's not fair. the problem with the flat tax is somebody that's making a million or several million dollars a year would be paying the same rate as somebody that's digging a ditch. for $10 or $7.50 an hour. that's not really fair. it has to have some progressivity in it. but clearly, we need to simplify the code. clearly, we need to end the kind of loopholes that allow both corporations -- some of the largest corporations in america literally pay no tax at all, that's wrong. and individuals are able to avoid their taxes by all kinds of loopholes and various schemes, offshoring their money and the like. all of that should end. we all have a responsibility for this nation, and part of that responsibility is to help pay for it in a fair and appropriate way. with regard to campaign
with regard to a flat tax, we really must reform the tax code. we're letting a lot of extraordinarily wealthy people get off the hook by, you know, sending their money overseas. i think we saw i a presidential candidate that did that the last election. that's not right. that's not fair. the problem with the flat tax is somebody that's making a million or several million dollars a year would be paying the same rate as somebody that's digging a ditch. for $10 or $7.50 an hour. that's not really...